Regulatory structure & exemption details

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SEC Commissioner Hester Peirce proposed that firms participating in the exemption comply with disclosure, recordkeeping, custody and operational transparency standards, including conditions related to smart contract risks and wallet security protocols

SEC Commissioner Hester Peirce said the tokenised securities exemption is intended to gather feedback before finalizing rules and afford the SEC time to develop durable adaptations to its existing framework to accommodate distributed ledger technologies

SEC Commissioner Hester Peirce proposed including trading volume caps and restrictions on the number and types of tokenised securities in the exemption, with ceilings that could be raised for firms with strong compliance track records

The exemption proposed by SEC Commissioner Hester Peirce would permit firms to use distributed ledger technology to issue, trade and settle tokenised securities without full registration, provided they meet conditions related to fraud prevention, market integrity and financial stability

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